【导读】小鹏X9超级增程上市，何小鹏 联合 人形机器人"卖车" 中国基金报记者 邱德坤 11月20日晚间，小鹏汽车首款增程车型小鹏X9超级增程正式上市。小鹏汽车董事长兼CEO何小鹏表示："本次发布会将带来下一代增程该 有的样子。" 何小鹏的上述论断有待时间验证，但小鹏新一代人形机器人IRON在此次发布会成为关注焦点。 区别于此前车企发布会，IRON在此次发布会出镜，联动何小鹏一起介绍小鹏X9超级增程。且在介绍小鹏X9超级增程的PPT中，多次出现 IRON的身影。 2025年第四季度盈利概率为99.999% 何小鹏回应为何发展增程技术 11月20日晚间，何小鹏接受中国基金报等媒体采访称，在未来相当长的一段时间，全球新能源汽车的发展方向是纯电加混动技术，而混动 技术中的增程技术，未来更适合在全球推广应用。 随着小鹏X9超级增程上市，小鹏汽车正式成为一家"一车双能"的车企，即从此前仅发展纯电技术，转变为纯电与增程技术"两条腿走路"。 转型增程技术和国际化是小鹏汽车正在大力发展的方向，凸显了其试图在激烈的市场竞争中寻求增量。 11月17日晚间，小鹏汽车发布的2025年三季报显示，公司2025年第三季度净利润为-3.8 ...

Core Insights - The 2025 Guangzhou Auto Show will take place from November 21 to 30, featuring 93 global debut vehicles and a total of 1,085 cars on display, including 629 new energy vehicles [2] - Despite a reduction in exhibition space compared to the previous year, the show promises more highlights with significant product launches from various brands, including new energy and traditional automakers [2][4] - The event reflects the ongoing transformation in the automotive industry, with major companies focusing on business restructuring and product innovation [4][7] New Vehicle Highlights - New energy brands like Xiaopeng, Zeekr, and Aion are reintroducing hybrid models, indicating a shift in consumer preferences [4] - Geely's new brand, Galaxy, will unveil its first MPV, the Galaxy V900, while Chery's iCar will present the new V27 model [4] - Lantu will showcase its flagship luxury SUV, the Lantu Taishan, featuring advanced technology and high-quality materials [4] Brand Strategies and Collaborations - BYD and GAC are prominently showcasing their vehicles, while Huawei's technology is integrated into several new models, enhancing their appeal [5][8] - The collaboration between traditional automakers and tech companies like Huawei is evident, with multiple brands launching models equipped with Huawei's smart cockpit solutions [5][8] Exhibition Experience and Engagement - Unique exhibition strategies include Zeekr's tea house setup and GAC Honda's recreation of its advanced new energy factory, enhancing visitor engagement [6][7] - The presence of celebrity guests and interactive experiences at various booths aims to attract more visitors and create a lively atmosphere [7] Venue Layout and Brand Distribution - The exhibition covers 22,000 square meters, with various zones dedicated to mainstream brands, new energy vehicles, and luxury models [9][10] - Key areas include dedicated spaces for major brands like BYD, GAC, and traditional luxury brands, showcasing a wide range of vehicles [12][21][24]

Core Viewpoint - The range-extended electric vehicle (REEV) market is experiencing significant growth, with numerous new entrants and a notable increase in sales over the past few years, positioning REEVs as a transitional model in the shift towards full electrification [1] Group 1: Market Dynamics - In November, the REEV market welcomed several new players, including models like the Zhiji LS9, Yipai 007+, Aion i60, and XPeng X9, with a total of 12 new REEV models launched in the last three months [1] - Sales of REEVs have surged over the past four years, with year-on-year growth rates of 218% in 2021, 130% in 2022, 154% in 2023, and 70.9% projected for 2024 [1] - Li Auto has emerged as a leading player in the REEV market, capturing up to 60% of the market share at one point [1] Group 2: Technological Perspective - The technology behind REEVs does not involve particularly advanced breakthroughs in powertrain technology, but it effectively addresses the range anxiety associated with pure electric vehicles [1] - REEVs are viewed as a transitional solution in the early stages of electrification, helping to expand market share in northern regions [1]

Core Viewpoint - The increase in the number of new players entering the range-extended electric vehicle (REEV) market is driven by significant sales growth in recent years, despite a recent decline in market share and average sales per model [3][4][5]. Group 1: Market Dynamics - In the past four years, REEV sales have surged, with year-on-year growth rates of 218%, 130%, 154%, and 70.9% from 2021 to 2024 [3]. - The number of new REEV models launched in 2025 is expected to exceed 30, compared to 19 in the same period of 2024 [5]. - Despite the increase in new models, the average sales per model have dropped from nearly 30,000 units in 2024 to approximately 9,000 units in 2025 [5]. Group 2: Competitive Landscape - The market share of leading REEV manufacturer Li Auto is being eroded by other competitors, indicating a highly competitive environment [5]. - Companies are focusing on enhancing battery capacity and efficiency, with models like the Zhiji LS9 featuring a 66 kWh battery and the Xiaopeng X9 equipped with a 63.3 kWh battery [5][6]. - The competition is characterized by a phenomenon of "involution," where brands are increasingly promoting higher range capabilities for their REEVs [6]. Group 3: Consumer Insights and Future Trends - The future of REEVs may hinge on their ability to address consumer concerns about range anxiety and the transition from traditional fuel vehicles [6]. - There is potential for growth in the segment of REEVs priced below 200,000 yuan with a range exceeding 200 kilometers, which could attract more consumers [6]. - The upcoming changes in tax incentives for plug-in hybrid vehicles may provide a competitive edge for REEVs if they can offer a pure electric range exceeding 100 kilometers [6].

Group 1 - The market for range-extended vehicles (REVs) is experiencing a surge in new entrants, with 12 new models launched in the last three months alone [1] - Sales of REVs have shown significant growth over the past four years, with year-on-year increases of 218%, 130%, 154%, and 70.9% from 2021 to 2024 [1] - Despite the growth, the market share of REVs has been declining since June, with a 1.9% year-on-year drop in wholesale sales in October, totaling 121,000 units [1] Group 2 - The number of new REVs expected to launch in 2025 is projected to exceed 30, compared to 19 in 2024, but the average sales per model have decreased from nearly 30,000 in 2024 to approximately 9,000 this year [2] - Industry competition is intensifying as companies seek to capture market share, with Li Auto's market share being eroded by other manufacturers [2] - Key players are focusing on enhancing battery capacity and efficiency, with models like the Zhiji LS9 featuring a 66 kWh battery and the Xiaopeng X9 equipped with a 63.3 kWh fast-charging lithium iron phosphate battery [2] Group 3 - The competition in the REV market is not just about technology but also about identifying unique selling points and timing for market entry [3] - There is a trend of increasing advertised range for REVs, indicating a competitive "involution" in the sector [3] - Future growth opportunities may lie in REVs priced below 200,000 yuan with a range exceeding 200 kilometers, particularly in the 100,000 to 150,000 yuan segment [3]

Core Insights - GAC Aion's first "range extender + pure electric" dual-power model, Aion i60, was officially launched on November 16, with a starting price of 104,800 yuan [2] - The demand for new energy vehicles has shifted from "pure electric first" to "scenario first," particularly in northern regions with harsh winters and inadequate charging infrastructure [2] - The Aion i60 range extender version features breakthrough energy efficiency, with an oil-electric conversion rate of 3.73 kWh/L and a low fuel consumption of 5.5 liters per 100 km in low battery status [2] Product Features - The Aion i60 is equipped with a 29.165 kWh large battery, offering a pure electric range of 210 km and a comprehensive range of 1240 km [2] - The vehicle supports 3C fast charging, allowing it to charge from 30% to 80% in just 15 minutes [2] - The pure electric version of Aion i60 features a 75 kWh battery, achieving a pure electric range of 650 km and can charge 200 km in 5 minutes using 3C fast charging technology [3] Space and Comfort - The Aion i60 has a wheelbase of 2775 mm, providing ample rear legroom of 1037 mm and headroom of 1020 mm [5] - The vehicle includes a spacious trunk with a capacity of 416 liters, accommodating up to eight 20-inch suitcases even when fully seated [5] - Comfort features include 8-point massage front seats, a 137-degree reclining rear seat, and a panoramic sunroof with electric sunshade [5] Safety Features - The vehicle's body structure consists of 72% hot-formed steel, enhancing safety during side collisions [5] - The battery pack includes multiple safety features, such as a 360-degree protection system and a 6-airbag setup [5] - Additional safety measures include a dedicated head protection cavity for rear child passengers and emergency power cut-off [5] Intelligent Driving Assistance - The Aion i60 is equipped with the GAC GSD intelligent driving assistance system, which has a low false trigger rate for automatic emergency braking [6] - The system supports 41 main scenarios and 392 sub-scenarios, covering all high-speed scenarios [6] - The vehicle features a 14.6-inch display and an AI voice assistant with a response time of 0.28 seconds [6] Strategic Positioning - The successful launch of the Aion i60 reflects GAC Aion's strategic focus on user needs and rapid technological innovation under its "Panyu Action" strategy [7] - The brand aims to shift towards creating sustainable user value across various aspects, including brand philosophy, channel development, and service upgrades [7]

Core Insights - The article discusses the decline in sales of range-extended electric vehicles (REEVs) in the Chinese market, highlighting a shift towards pure electric vehicles (EVs) as their technology improves and consumer preferences change [1][3][8] Market Trends - Two years ago, Li Auto successfully introduced a range-extended system, making it the first among new energy vehicle companies to achieve annual profitability [1] - The popularity of REEVs led to a surge in competition, with multiple companies like AITO, Lantu, and Deep Blue launching similar products [1] - However, by mid-2023, sales of REEVs began to decline, with wholesale sales dropping for five consecutive months, and October's sales reaching 121,000 units, a year-on-year decrease of 1.9% [1][3] Consumer Preferences - The sales structure among new energy brands has shifted from a near-equal split of 49% for pure electric and 51% for REEVs in 2024 to 74% for pure electric and 26% for REEVs currently [1] - Improvements in pure electric vehicle range, charging convenience, and cost structure have reduced the appeal of REEVs [3][4] - Consumers are increasingly realizing that most daily commuting needs can be met by pure electric vehicles, leading to a decreased reliance on REEVs [3] Technological Developments - The average range of pure electric vehicles has increased from around 400 km to over 500 km, with some models exceeding 700 km [3] - Charging infrastructure has improved, alleviating issues like long wait times at charging stations during holidays [3] - The decline in battery costs has diminished the price advantage of REEVs, making pure electric vehicles more competitive [3][4] Industry Response - To enhance user experience, new REEV models are adopting a "large battery + small fuel tank" approach, with some models featuring battery capacities exceeding those of comparable pure electric vehicles [5] - The introduction of 800V high-voltage platforms and fast-charging technology aims to address the slow charging issue of larger battery REEVs [5] - There is a division within the industry regarding the optimal battery size for REEVs, with some advocating for larger batteries to improve user experience while others caution against resource waste [6] Regulatory Changes - Starting January 1, 2026, new regulations will raise the threshold for tax exemptions on new energy vehicles, requiring plug-in hybrid (including REEV) models to have a pure electric range of at least 100 km [6] - This policy aims to phase out less efficient "small battery + high fuel consumption" solutions, pushing the industry towards larger batteries and higher efficiency [6] Future Outlook - The future of REEVs may involve a shift towards green energy sources for their power generation, as companies explore alternatives like hydrogen fuel [7] - Despite the decline in popularity, REEVs may still serve a purpose in areas where charging infrastructure is lacking or for specific long-range needs [7][8] - The evolution of the REEV market reflects the dynamic nature of the automotive industry, emphasizing the importance of aligning technology with genuine consumer demand [8]

Core Insights - The article discusses the evolution of range-extended electric vehicles (REEVs) in the automotive industry, highlighting a shift from the initial focus on alleviating range anxiety to enhancing user experience through advanced technology integration [2][3][12] - The competition in the REEV market is now characterized by a deeper emphasis on technical capabilities, energy efficiency, and adaptability to various driving scenarios, rather than merely extending driving range [4][5][12] Summary by Sections First War vs. Second War - The first phase of the REEV market addressed the issue of range anxiety, providing consumers with a flexible solution that combined electric and fuel options, thus proving the viability of REEVs [3][12] - The second phase, marked by the entry of technology-driven companies, focuses on optimizing user experience and integrating advanced technologies into REEV systems [5][12] Technological Advancements - Companies like Xiaopeng and Leap Motor are now competing on the basis of their ability to balance integration, energy consumption, and spatial efficiency, moving beyond simple functionality [4][5] - The introduction of advanced materials and AI in control systems signifies a shift towards higher technical barriers in the REEV market, emphasizing the importance of R&D capabilities [5][12] Market Strategies - There is a notable divergence in technical strategies, with some companies opting for "large battery + small fuel tank" configurations aimed at urban users, while others prefer "large battery + large fuel tank" setups to cater to long-distance travel needs [6][7] - The strategic choice of configurations reflects a deeper understanding of user scenarios and market demands, particularly in international markets where charging infrastructure may be lacking [8][9] Global Expansion - Several Chinese brands view REEVs as a gateway to international markets, leveraging their unique features to address the challenges posed by inadequate charging facilities in many regions [9][12] - The article notes that while REEVs are perceived as a transitional technology in China, they offer a practical solution in diverse global markets, providing users with a "zero-anxiety" electric driving experience [9][12] Challenges Ahead - The article highlights potential challenges in the global expansion of REEVs, including consumer understanding, regulatory risks, and the need for localization in different markets [10][11] - Despite these challenges, the rise of REEVs represents a victory for practical solutions that meet the immediate needs of consumers, balancing the benefits of electric vehicles with the realities of current infrastructure [11][12]

Core Viewpoint - The launch of the new humanoid robot IRON by Xiaopeng has generated significant public interest and skepticism, particularly regarding its capabilities and authenticity as a robot [1][4][6]. Group 1: Product Features and Capabilities - IRON is designed at a 1:1 human scale, standing 178 cm tall and weighing 70 kg, featuring a human-like skeletal and muscular structure [3]. - The robot has 22 degrees of freedom in its hands, allowing it to perform tasks such as holding an egg, folding clothes, and organizing items [3]. - IRON's walking motion mimics human movement, described as a "catwalk," which is more fluid compared to traditional robotic movements [3]. Group 2: Technological Advancements - The robot is equipped with three self-developed AI chips from Xiaopeng, providing three times the computational power of the industry average and 15 times that of Tesla's Optimus chip, enabling independent decision-making without cloud reliance [3]. - It features the world's first all-solid-state battery, which reduces weight by 30% and increases energy capacity by 30%, offering comparable endurance to Tesla's Optimus [3]. Group 3: Market Strategy and Future Plans - Xiaopeng plans to introduce IRON into commercial settings by 2026, initially focusing on roles such as customer service in Xiaopeng's automotive stores rather than household tasks due to safety and cost concerns [6]. - The company aims to produce higher-level humanoid robots by 2025-2027, emphasizing the mission of mass production in the robotics sector [2][6]. Group 4: Recent Developments in Automotive Sector - Xiaopeng announced the launch of the new Kunpeng Super Range Extender technology, addressing common issues faced by traditional range extender users [8]. - In October 2025, Xiaopeng delivered 42,000 new vehicles, marking a 76% year-on-year increase, with a total of 355,200 vehicles delivered from January to October 2025, reflecting a 190% increase [8]. - The A868 flying car prototype successfully completed its first test flight and is expected to achieve mass production by 2026, with a planned annual production capacity of 10,000 units [9].

Core Insights - The trend of super range extension technology is gaining traction, with various companies like GAC, Zhiji, Buick, and Xiaopeng actively developing it. Xiaopeng's unique selling point lies in its energy consumption and integration capabilities, distinguishing it from competitors [1][2][3]. Group 1: Technology Comparison - Xiaopeng's range reaches 1,600 km, while competitors like Li Auto and others achieve 1,500 km. Xiaopeng's super electric range is 450-460 km, with Leap Motor reaching 500 km [1]. - The key differentiator for Xiaopeng is not just the powertrain technology but the ability to identify unique points of differentiation and effectively implement them [1][2]. Group 2: Internal Capabilities - The company emphasizes its strong internal capabilities, particularly in energy consumption and integration, which are critical for performance [2][3]. - Internal capabilities encompass more than just power; they include various other aspects that contribute to the overall vehicle performance [4].